The NWST1100 index fell 0.11% over the previous week, but it plunged during the weekend and touched 143-Days EMA. Gala (GALA) Token is a member of the NWSL100 crypto index, making the most significant jump in our ranking over the last two weeks.
*Below, we present a standardized weekly report and next week’s outlook, prepared based on Swingtum Theory of intelligent finance. We gauge the crypto market’s breadth and direction by showing charts 2100NEWS Digital Assets Total Index (NWST1100), which measures 1100 (by market capitalization) significant crypto assets’ performance. The information-laden chart is difficult to read initially, but the chart shows essential price information, crucial decisive price levels, momentum, trading volumes, and crypto market breadth.
The previous report showed that our assumption for the last week had been: an upward move to R1 and then to the Upper Channel was likely. The NWST1100 chart shows that the index had hovered, then it plunged; NWST1100 touched the lower channel line and 143-Days EMA. The descending channel (three blue lines) and pattern were similar to that in September. The Momentum indicators at the top show: RSI, PPO lines, and PPO histogram. They have resumed downward direction. The Breadth indicators at the bottom of the chart have fallen, too. The chart on the right shows The percentage of digital assets trading above a 50-days moving average breadth indicator: All four A50R lines are oversold. The graph tells us that the crypto markets have been bearish.
* The percentage of digital assets trading above a specific moving average is a breadth indicator that measures internal strength or weakness in the underlying index. The chart on the right side compares the percentage of DA trading above 50 days EMA for:
- 100 Large-caps members of NWSL100 (top box)
- 1100 members of NWST1100
- 100 Ethereum Tokens members of NWSET100
- 100 Coins members of NWSCo100 (bottom box)
Outlook for this week
If we look ahead, the Momentum indicators give us the following signals: RSI is 32 (oversold); RSI, PPO histogram, and PPO lines may change direction to upward in the coming days. The waves are at least partially predictable due to their quasi-periodic nature. I suppose that the setup is similar to September, so I expect a rebound of 143-days EMA. My opinion is based on this setup: First, a double bottom, then a strong rebound from resistance represented by 143-days EMA is likely.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index fell 0.11% during the previous week. The chart shows that it plunged during the weekend and Ether (-7.83%) has declined the least in the last month.
Crypto (Digital Assets) compared with global equity
The chart compares the performance of the average Digital Asset (Coins, Tokens) represented by our NWST1100 index with the average global share represented by the Dow Jones global W1Dow index. Their quotient hit a record high a month ago; however, it is 15% lower now. The Percentage Change Marks on the chart show that NWST1100 outperformed W1Dow by 210% this year, while over the last 12 months, NWST1100 was 288% higher. In the last four weeks of 2020 (Christmas rally), the quotient rose 25%. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price and W1Dow price are above average, but the NWST1100 spot price is 34% higher than twelve months index average price. That means: If we bought one NWST1100 every day over the last twelve months, our investment is recording 34% gains today.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indexes Revision 12-3-2021
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. Ethereum Name Service, Immutable X, and LINK improved their ranking; they were added to NWSL100 and deleted from NWSM200. Celsius, Ecomi, and Bitcoin Gold were deleted from NWSL100. New mid-caps are APENFT, Radix Protocol, Divi, … Additions, and deletions for the other indexes from the family are available in each index presentation.
We gauged the Gala (GALA) Ethereum based Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between NWSL100 and GALA has shown that GALA was more potent over the last two months. GALA has beaten NWSL100 by 529% during the previous two months. First, let’s compare the GALA green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains that the correlation is weak (Pearson’s correlation coefficient = 0.06). For 40% time, It was moving in the same direction as NWSL100, so it has been a poor representative of the NWSL100 index in terms of price changes.
*We elect the member of the NWSL100 crypto index with the most significant jump in our ranking. We will look at how the market rates the progress of the project in case of price changes. It seems important to us whether the project is out of the ordinary tide of crypto project prices. Peer comparison should be efficient and effective, considering an investor’s point of view.
Gala (GALA) Website: https://app.gala.games/
GALA Large-cap Ethereum based Token is 43rd in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 14.7 (Average for Large caps: 16.8)
Over the last week, the average market cap was 4,364.7 million $, and the average daily volume was 1,499.5 million $.
GALA claims to be designed to power the Gala Games ecosystem to support gaming re-imagined to benefit creators and players alike. Founded by greats from the gaming and blockchain industry, Gala Games is redefining the world of gaming. All OLD-school gamers remember the sound of blowing the dust out of a Nintendo cartridge to get ready to play their favorite game or the pride you took in lining up your Playstation games on a shelf in your bedroom.
*The chart below shows the GALA compared to NWSL100 at the top, the box in the middle of the chart shows the original GALA price, and at the bottom of the chart, we see NWSL100 and the correlation between GALA and NWSL100.